New York passes sweeping legislation impacting student loan servicers

On April 1, 2019, New York enacted Article 14-A, governing servicers of student loans owed by New York residents, in connection with New York’s fiscal year 2020 budget. Though sweeping legislation has been anticipated for some time, awareness of the extensive provisions of the new legislation are critical for student loan servicers nationwide. The legislation requires certain servicers to obtain licensure from the New York Department of Financial Services (“DFS”) in order to service student…